Markets
Celebrity Meme Coins, Binance Coin Bull Run and Bitcoin’s Rally: This week’s crypto recap
The last seven days have been very interesting in the cryptocurrency market. The total industry capitalization increased by around $150 billion thanks to gains made by Bitcoin and many other altcoins.
Price action aside, there have been some interesting developments moving the market forward, so let’s dig deeper.
First, the price of Bitcoin has increased by more than 5% in the last seven days. It is important. In fact, among the top 10 cryptocurrencies by total market capitalization, only BNB performs better (but we’ll get to that later). The total capitalization of Bitcoin represents approximately 50.5% of the industry.
BTC is currently trading at a price just below $72,000, inches from its all-time high of around $75,000. The price started to rise on June 3 and the bulls took full control on June 5, when they broke above $70,000 and turned this crucial level into support. Now, the question many are asking is when the leading crypto will explode above its ATH.
Binance Coin (BNB), however, is the hottest news this week.
The altcoin dominated the market, rising nearly 20%, hitting a new all-time high above $700 and showing no signs of slowing down. Calls for $1,000 to be the next goal are already catching fire in the community, as it only seems like a matter of time.
Elsewhere, Robinhood – arguably the most popular retail-oriented trading app – made news by announcing the acquisition of crypto exchange OG Bitstamp. The deal, worth $200 million, aims to strengthen Robinhood’s presence in the cryptocurrency space while attracting institutional clients by developing new products. The deal was all cash and is expected to be finalized by the first half of 2025.
In the meme coin space, some high-profile celebrities appear to be jumping on the bandwagon, with crypto Twitter debating whether or not this is a good thing. Meanwhile, screenshots of a conversation between wrestling legend Hulk Hogan and another person, during which Hogan apparently asked whether or not he could simply delete the posts after the sale, have emerged viral. The wrestler said he was not the author of the messages, but the community is not convinced.
Overall, the crypto market is more exciting than ever, and with BTC so close to its ATH, it’s worth keeping a close eye on over the next few days!
Market data
Market capitalization: $2,801 T | 24H Flight: $79 billion | BTC dominance: 50.5%
BTC: $71,612 (+4.4%) | ETH: $3,8316 (-0.12%) | BNB: $705 (+17.8%)
This week’s crypto headlines not to be missed
Robinhood is betting big on crypto with the acquisition of Bitstamp for $200 million. It can be said that the most popular traditional retail-focused trading platform – Robinhood – has taken a big step to strengthen its involvement in the cryptocurrency industry. In an all-cash transaction, it bought Bitstamp – the largest exchange in the field.
Bitcoin Spot ETFs in the US record their second best day ever as BTC price hits 2-week high. The price of Bitcoin has reached an all-time high over the past two weeks. This also led to the creation of BTC spot exchange-traded funds. registration their second best day ever earlier this week.
Did Hulk Hogan Engage in Pumping and Dumping a Solana Meme Coin? Hogan found himself in serious controversy after screenshots of him supposedly inquiring about dumping his audience were released on X. The wrestling legend denied involvement and said the messages were not written by him.
Kraken aims for IPO next year: report. One of the leading US-based cryptocurrency exchanges – Kraken – is said to be considering an IPO in 2025. This is according to Bloomberg reports.
Charles Hoskinson denounces the media’s negative portrayal of Cardano’s prospects. Charles Hoskinson – the founder of Cardano – criticized the media for predicting the downfall of Cardano. He argued that such assertions are unfounded and also do not take into account the progress of the project.
Robert Kiyosaki is confident that Bitcoin will reach $350,000 by August 2024, here’s how. Rich Dad, Poor Dad, author and financial guru Robert Kiyosaki, think that the price of Bitcoin could reach a whopping $350,000 by August. He shared this in a recent tweet.
Graphics
This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu and Polkadot – click here for full price analysis.
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